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ince our September update, an awful lot has happened in financial markets, driven by both the macro and political arenas. Inflation kept rising, but maybe we have now seen the peak? In the same vein, interest rates have continued to rise, but the pace now certainly looks slower. In the UK we had the now world famous mini-budget, which kicked off an extraordinary chain of events that led to yet another Prime Minister in Number 10. COVID-19 still lurks in the background and all eyes are on the loosening of China’s ‘zero-COVID’ policy. In Europe, the one-year anniversary of the awful conflict in Ukraine fast approaches with no sign of cessations. Our managers explain how they are navigating current challenges and opportunities, outlining fund performance, positioning and what they believe lies ahead. We trust these insights will help you assess the role our funds can play in your investment propositions and client portfolios.
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
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In Conversation September 2022
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Rathbone Unit Trust Management Limited 8 Finsbury Circus London EC2M 7AZ United Kingdom
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Introduction to 'In conversation'
Rathbone Multi-Asset Portfolio Funds Rathbone Fixed Income Funds Rathbone Equity Funds
Rathbone Unit Trust Management (Rathbone Funds) is a leading UK fund manager. We are a management house, offering equity and bond unit trusts and a multi-asset portfolio (consisting of six sub-funds) to meet your capital growth and income requirements. We are an active management house, specialising in investment management for the retail investor and segregated institutional accounts. All of our unit trusts qualify for inclusion in ISAs (Individual Savings Accounts) which can receive lump sums. Rathbone Unit Trust Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group Plc. In 1995 and 1996 respectively, Rathbones Group acquired stockbrokers Laurence Keen and Neilson Cobbold, securing many private wealth managers, and their clients. The company also acquired unit trusts from Laurence Keen Unit Trust Management including the Rathbone Income Fund- the success of which led to a rebranding of the operation in 1999 to Rathbone Unit Trust Management Limited. Through its subsidiaries, Rathbones Group Plc manages £57.9 billion of client funds, of which £10.6 billion is managed by Rathbone Unit Trust Management Limited*. For more information about Rathbones Group Plc, our history, and how Rathbones can help you develop an investment portfolio that meets your requirements, please visit the Rathbones website.
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About Rathbone Unit Trust Management
Tom Carroll is Chief Investment Officer of Rathbone Unit Trust Management, joining in March 2022. Tom has over 25 years’ experience in the industry and joined from Sanlam UK where he was head of asset management. Tom spent much of his career as a fund manager with M&G and Schroders before co-founding the investment boutique FOUR Capital Partners. He also qualified as a Chartered Accountant with Coopers & Lybrand (now PricewaterhouseCoopers).
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Fund information Fund factsheet Fund performance
We aim to deliver a greater total return than the Investment Association (IA) Global Sector, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the IA Global sector as a target for our fund's return because we aim to achieve a better return than the average of funds that are similar to ours. We compare our asset allocation to the FTSE World Index to give you an indication of how our fund is positioned against the global stock market. This is a stock-picking fund, which means we invest in a small number of global stocks. We search developed countries for innovative and scalable businesses that are growing fast and shaking up their industries. To be successful, we believe businesses have to offer something that others can't match – a star quality. They must be easy to understand, different to their competitors, durable to change and difficult to imitate. Companies must have a plan to grow rapidly without running out of money or overstretching their resources. Our speciality is spotting these businesses before they are household names. We buy companies of all sizes, but our sweet spot is mid-sized growth companies in developed markets. We avoid investing in companies listed in emerging markets. We avoid investing in businesses which have previously performed poorly, preferring those with an unblemished past. We don’t invest in unpredictable sectors with poor growth prospects. To reduce risk, we hold a defensive bucket of companies with slow and steady growth that should be less sensitive to the economy.
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Past performance should not be seen as an indication of future performance. The value of investments and the income from them can fall as well as rise and you may not get back the amount originally invested, particularly if you do not continue with the investment over the longer term. Click below to continue to fund performance:
James has been at Rathbones for more than 20 years and has been the lead manager on the Global Opportunities fund since 2003. He is an executive director of Rathbones’ fund management business. He was educated in the United States, originally hails from Bermuda and still rides a scooter to work.
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Video - Taking stock of a crazy first year
Fund information Fund factsheet Fund investment commentary Fund performance
We aim to deliver an annual income that is in line with or better than that of the FTSE All-Share Index over any rolling three-year period. We also aim to increase the income we pay you in line with the Consumer Price Index (CPI) measure of inflation over any rolling five-year period. We aim to generate a greater total return than the FTSE All-Share Index, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the FTSE All-Share Index as a target for our fund’s return and the income we pay because we want to offer you a better income and higher returns than the UK stock market. Increasing your income payments at least in line with the CPI measure of inflation protects your future spending power. We also compare our fund against the Investment Association (IA) UK Equity Income sector because the funds in it are similar to ours. This is a stock-picking fund, which means we invest in a small number of UK-listed stocks. We invest in businesses which offer the best investment opportunities at the most attractive prices. When choosing investments we use our own trinity of risk framework: price, business and financial. We look for businesses that offer good value and make strong and consistent profits with high quality earnings – those that are backed by real cash rather than accounting contrivance. Companies shouldn't have more debt than they can handle. We buy these companies because we believe they should generate good earnings backed by cash over many years. A healthy cash flow gives companies the flexibility to repay debts, reinvest in their businesses, and pay a dividend that increases over time.
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Carl is an Executive Director of Rathbone Unit Trust Management and plays a key role in the development of Rathbones’ investment process and business strategy. He has been managing the Rathbone Income Fund, since January 2000. Carl is also Institute for Investment Management and Research qualified and a Fellow of the Securities Institute.
Alan joined Rathbones in October 2005 and became co-manager of the Rathbone Income Fund in October 2018. He has previously managed and co-managed a number of UK, European and global equity funds for Rathbones. Alan holds the Investment Management Certificate (IMC) and is a Chartered Financial Analyst (CFA) charter-holder.
Video - Rathbones Global Opportunities Fund
We aim to deliver a greater total return than the FTSE All-Share Index, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the FTSE All-Share Index as a target for our fund’s return because we want to offer you a better return than the UK stock market. We also compare our fund against the Investment Association (IA) UK All Companies sector to give you an indication of how we perform against other funds in our peer group. Apart from investing exclusively in the UK, the funds in this sector aren't always similar to ours. This is a stock-picking fund, which means we invest in a small number of UK-listed stocks. We search the UK for exciting businesses that are growing fast yet their value is unrecognised by other investors. While we invest in companies of all sizes, we gravitate towards medium sized businesses because they tend to meet our criteria and often provide the best reward for the amount of risk we take. Our criteria ensures we buy companies with a durable business model and capable management who can take advantage of growth opportunities in their industry. We don't take coin-toss chances on businesses that can't make a profit in the near future or which are dependent on one or two risky ventures. We use our Scorecard criteria to regularly check our investments, testing whether the reasons we bought them still hold true. It also helps us sell our holdings at the right time: when growth is exhausted or risks have risen.
Alexandra manages the Rathbone UK Opportunities Fund, (formerly named Rathbone Recovery Fund) which she has run since 2014. She joined Rathbones in January 2007 and was formerly Assistant Fund Manager on the Rathbone Global Opportunities Fund. Alexandra holds the IMC and is a CFA (Chartered Financial Analyst) charterholder.
If you enjoyed our latest In Conversation series and want more fund manageI viewpoints why not check out our last In Conversation series in September.
If you enjoyed our In Conversation series and want to get more of the latest news and views from our professional adviser blog click below to subscribe or click on our most recent blog to read now.
Video - Rathbone Income Fund
We aim to deliver a greater total return than the FTSE World Index, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the FTSE World Index as a target for our fund's return because we want to offer you higher returns than global stock markets. We also compare our fund against the Investment Association (IA) Global sector to give you an indication of how we perform against other funds in our peer group. Like us, the funds in this sector invest globally, although most of them don’t invest using a sustainability framework. Sustainable investing means different things to different people. For us, sustainable investing is about long-term value creation for investors, society and the environment. We invest in companies that operate sustainably and are committed to helping achieve the United Nations Sustainable Development Goals. We avoid companies that fail our rigorous sustainability criteria. We believe that companies displaying strong environmental, social and governance policies and practices are likely to be well positioned to deliver long-term value for investors. As shareholders we work with companies to encourage best practice and highlight any concerns we have. When choosing investments we use our own trinity of risk framework: price, business and financial. We look for businesses that offer good value and make strong and consistent profits with high quality earnings – those that are backed by real cash rather than accounting contrivance. Companies shouldn't have more debt than they can handle.
David is lead manager on the fund; he joined Rathbones in June 2014 and has over 17 years industry experience in fund management and equity analysis. He also supports the Multi-Asset team with direct equity selection. He has held previous positions within Julius Baer, Hermes and Goldman Sachs.
Video - Rathbone UK Opportunities Fund
Rathbone Multi-Asset Portfolios Rathbone Multi-Asset Portfolio brochure Rathbone Greenbank Multi-Asset Portfolios
In summer 2009, the year before the first iPad was released, we launched the first two funds in our multi-asset fund range; the Rathbone Strategic Growth Portfolio and the Rathbone Total Return Portfolio. The funds were launched with definitive return and risk objectives which were very easy for investors to understand and determine value. We also had a unique way of classifying asset classes using our Liquidity, Equity-type risk, and Diversifiers (LED) framework, focusing on liquidity risk and forward looking correlations between investments in stressed market conditions which were designed to minimise drawdowns. Over the next decade or so we expanded the range to include new funds in other areas of the risk spectrum and now sit with a full range that will cover the risk appetites for most investors, including a more income-focused fund for those who seek a dependable natural income. While change is constant our focus remains the same, deploying our clients’ capital in the most efficient way possible. To us, this means that each and every position must continually justify its place in the fund; either hedging a risk, or being an engine for long-term returns. Investing directly rather than using solely third party funds enables to us to invest with more precision. The investment environment is dynamic and this necessitates an evolving rather than static investment process. Challenge is key to success whether it’s amongst ourselves, the management teams we invest alongside or the consensus. We will continue to look for and embrace change.
David is head of the team that is responsible for managing the Rathbone Multi-Asset and Rathbone Greenbank Portfolio funds. He joined Rathbones in 2007 after spending 19 years with Baring Asset Management where he managed multi asset funds and segregated mandates. He began his career with Hambros Bank in 1984.
Will joined Rathbones in 2007, having worked previously as a specialist researcher for Theisen Securities. At Rathbones, he joined the charities team, and was appointed as an investment manager in 2011, running institutional multiasset mandates. He has been on the Multi-Asset team since 2015 and is member of Rathbones’ Fixed Income Funds Committee.
We aim to deliver a greater total return than the Investment Association (IA) Sterling Corporate Bond sector, after fees, over any rolling five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (interest payments). We use the IA Sterling Corporate Bond sector as a target for our fund's return because we aim to achieve a better return than the average of funds that are similar to ours. When picking our investments, there are three assessments we make. First, we look at the economic environment to determine which industries we want to own and the duration of our investments. Then we use the Four Cs Plus approach to evaluate creditworthiness. We assess: Character: Whether a company's managers have integrity and competence Capacity: Ensuring a company isn't over-borrowing and has the cash to pay its debts Collateral: Are there assets backing the loan, which reduces the risk of a loan Covenants: These loan agreements set out the terms of the bond and restrictions on the company Conviction: The Plus: We think differently to the market; sometimes contrarian, sometimes sceptical of orthodox thinking, but always opinionated. Meanwhile, Rathbone Greenbank, an ethical research division of our company, assesses potential investments against positive and negative social and environmental criteria. Finally, we compare prices to determine the best value bonds to include in our fund.
Bryn joined Rathbones in November 2004 and heads up the fixed income team. He has over 25 years’ investment industry experience in equity and fixed income markets. Bryn is a WMA representative and sits on the IA fixed income advisory committee.
We aim to preserve your capital and pay an income by delivering a greater total return than the Bank of England's Base Rate + 0.5%, after fees, over any rolling three-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (interest payments). We use the Bank of England's Base Rate + 0.5% as a target for our fund’s return because we aim to provide a return in excess of what you would receive in a UK savings account. This is an investment product, not a cash savings account. Your capital is at risk. When picking our investments, there are three assessments we make. First, we look at the economic environment to determine which industries we want to own and the duration of our investments. Then we use the Four C approach to evaluate creditworthiness. We assess: Character: Whether a company's managers have integrity and competence Capacity: Ensuring a company isn't over-borrowing and has the cash to pay its debts Collateral: Are there assets backing the loan, which reduces the risk of a loan Covenants: These loan agreements set out the terms of the bond and restrictions on the company Finally, we compare prices to determine the best value bonds to include in our fund.
Noelle joined Rathbones in July 2011. She has been managing the fund since its launch in 2018. She also assists in the management of the Rathbone Ethical Bond Fund and the Rathbone Strategic Bond Fund. Noelle holds two master's degrees in Economics and Finance.
We aim to deliver a greater total return than the Investment Association (IA) Sterling Strategic Bond sector, after fees, over any rolling five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (interest payments). We use the IA Sterling Strategic Bond sector as a target for our fund’s return because we aim to achieve a better return than the average of funds that are similar to ours. We aim to deliver this return with a lower volatility than the IA Sterling Strategic Bond sector. As an indication, the value of our fund should be expected to fluctuate less than the sector. Because we measure volatility over a five-year period, some falls may be larger or smaller over shorter periods of time. We aim to limit the amount of volatility risk our fund can take because we want our investors to understand the risk they are taking compared to funds similar to ours. When picking our investments, there are three assessments we make. First, we look at the economic environment to determine which industries we want to own and the duration of our investments. Then we use the Four Cs Plus approach to evaluate creditworthiness. We assess: Character: Whether a company's managers have integrity and competence Capacity: Ensuring a company isn't over-borrowing and has the cash to pay its debts Collateral: Are there assets backing the loan, which reduces the risk of a loan Covenants: These loan agreements set out the terms of the bond and restrictions on the company Conviction: The Plus: We think differently to the market; sometimes contrarian, sometimes sceptical of orthodox thinking, but always opinionated. Finally, we compare prices to determine the best value bonds to include in our fund.
